Illumina, Inc. ILMN announced its financial results for 3Q 2014 on Monday and beat analyst expectations.
The company reported revenue of $481 million, above the average estimates of $451.2 million and a 35 percent increase compared to $357 million in the third quarter of 2013.
GAAP net income for the quarter was $93 million, or $0.63 per diluted share, above the average estimate of $0.56 and above the $31 million net income, or $0.22 per diluted share, for the third quarter of 2013.
Non-GAAP net income for the quarter was $114 million, or $0.77 per diluted share, compared to $63 million, or $0.45 per diluted share, for the third quarter of 2013.
Cash flow from operations was $146 million and free cash flow was $117 million for the quarter.
The Company increased its full year 2014 guidance to revenue growth of approximately 30 percent year-over-year and non-GAAP earnings per fully diluted share of $2.63 to $2.65.
“With the most extensive sequencing portfolio available, we are well-positioned for continued long-term growth as we develop and address the large and untapped market opportunities ahead of us. Illumina experienced tremendous momentum in the third quarter, with strong shipments in HiSeq X, NextSeq and MiSeq, as well as the associated consumables, resulting in record financial results,” stated Jay Flatley, CEO.
Illumina, Inc traded at $181.90 in the aftermarket, up 10.60 percent.
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